ASV Reports Record 2Q Results

ASV, Inc. recently reported an 80-percent increase in sales for the second quarter. Specifically, net sales for the period increased to $26.4 million. That's the highest quarterly net sales figure the company has ever seen.

Net earnings increased to a record level of $2,285,418, or 22 cents per share, compared with $1,013,503, or 10 cents per share, for the second quarter of 2002.

For the six months ended June 30, 2003, net sales increased 96 percent to $41 million, compared with $20.9 million for the same period in 2002.  Net earnings increased significantly to $3,053,001, or 30 centsper share, for the six months ended June 30, 2003 compared with $647,922, or $.06 per share, for the same period in 2002.

“ASV experienced excellent performance from its main product lines during the second quarter of 2003,” ASV President Gary Lemke observed. “This was our first full quarter of production of our RC-100 Posi-Track, our largest model. This machine has had great demand since its introduction in January 2003.”

The quarter also saw strong sales in the mid-sized RC-50 Posi-Track product. In addition, this quarter was the first of full production for all three undercarriages for Caterpillar Inc. for use in five models of Multi-Terrain Loaders.